Merger talks between Dresdner Bank and Commerzbank collapsed on Wednesday, with both German banks saying they were unable to agree on their respective valuations in any deal.
Separately, Susan C. Gause was named CEO for Dresdner RCM Global Investors Americas region, spearheading the firms regional business strategy. Ms. Gause had been COO since 1998 and was CFO before that. Caroline M. Hirst, who has worked on coordinating the global integration of operations and technology platforms for Dresdner Asset Management, succeeds Ms. Gause as COO.
Bill Stack, chief investment officer of international and global equities at Dresdner RCM, will leave the firm in 90 days because of philosophical differences, Dresdner RCM confirmed. He is being replaced by his deputy, Mark Phelps.